China and Singapore announce the substantial completion of follow-up negotiations on the upgrading of the free trade agreement.

From March 27 to April 1, Singaporean Prime Minister Lee Hsien Loong visited China. On April 1, Singapore and China signed the Memorandum of understanding between the Ministry of Commerce of the People's Republic of China and the Ministry of Trade and Industry of Singapore on the announcement of the substantive completion of the follow-up negotiations on the upgrading of the China-Singapore Free Trade Agreement, confirming the substantive completion of the follow-up negotiations on the upgrading of the free trade agreement between the two countries. In the practice of free trade agreement, China has adopted the negative list model to make open commitments to services and investment for the first time. Under this new free trade agreement, China will open its doors to foreign investment from Singapore, especially textile trade.

Over the past three years, China's clothing exports to Singapore have continued to grow. The upward trend of last year also remains the same. Chinese clothing exports to Singapore increased by 76.41% from US$1.391 billion in 2021 to US$2.454 billion in 2022, according to the data. Singapore accounted for only 1.48% of China's US$166.146 billion in clothing exports in 2022, but China is still Singapore's largest clothing supplier.